Two types of fuels can be produced from natural gas. One is distillate, produced by Fischer Tropsch type process, which can substitute diesel. It is being developed by Conoco, Syntroleum, etc. Second is dimethyl ether, being developed by Halder Topsoe, Mitsubishi Gas, etc. Dimethyl ether is produced in a process similar to one used for methanol. <br>
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The main advantage of these processes is economic transportation of the energy present in the natural gas to the place of use. <br>
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You may search Intrenet or post a message here for more information on this. It has a great signifacance in monetizing stranded gas, and can be a big (over $20 billion) industry in the next 5 to 10 years.